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jkope26
Level 2

Reclassing Revenue- from Client (Project) to Client (Project)

We are using sub-clients as projects and I was wondering how I would go about reclassing transactions from one project to another?

For context, we have one client that has a 'bucket' of money to spend with us each year, and we bill them in monthly installments.  So, I have sub-client A set up for billing purposes only.  However, this bucket of money is being allocated to projects throughout the year, lets call one sub client B.  As these projects are determined and completed, I  want to be able to reclass the revenue that was recorded at the time of billing sub client A to the actual project, sub client B.  

I know i can use a journal entry, and in the name field i can record the sub-client name...however, on sales reports, this won't be factored in and all of the sales will still reflect as sub client A and not sub client B.

Any ideas on how to accomplish what I am trying to do?

Thanks!

Solved
Best answer March 18, 2021

Best Answers
JonpriL
Moderator

Reclassing Revenue- from Client (Project) to Client (Project)

Hello @jkope26,

 

You have the option to use a clearing account to reclassify the revenue from one project to the other. Let me show you how.

  1. Go to Accounting.
  2. Select Chart of Accounts.
  3. Click New.
  4. Under Account Type, select Bank.
  5. On the Detail Type menu, select any type accordingly.
  6. Enter the name of your new bank account. Say WashBarter, or Clearing Account.
  7. Click Save and Close.

Once done, you can start recording the appropriate sales or expense transaction to transfer the revenue of your projects.

 

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Know where you stand financially.

 

If there's anything else that I can help you with, please let me know by leaving any comments below. I'll be here to lend a hand.

View solution in original post

1 Comment 1
JonpriL
Moderator

Reclassing Revenue- from Client (Project) to Client (Project)

Hello @jkope26,

 

You have the option to use a clearing account to reclassify the revenue from one project to the other. Let me show you how.

  1. Go to Accounting.
  2. Select Chart of Accounts.
  3. Click New.
  4. Under Account Type, select Bank.
  5. On the Detail Type menu, select any type accordingly.
  6. Enter the name of your new bank account. Say WashBarter, or Clearing Account.
  7. Click Save and Close.

Once done, you can start recording the appropriate sales or expense transaction to transfer the revenue of your projects.

 

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Know where you stand financially.

 

If there's anything else that I can help you with, please let me know by leaving any comments below. I'll be here to lend a hand.

View solution in original post

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